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 ignorance. It would be wrong to ignore the fact that to many men of business war has brought already unmerited and heavy loss, and risks of loss which they cannot yet calculate—that many have during the past five weeks been looking ruin in the face, and that, if they failed to help, it was not for want of goodwill, but for want of power. But many are well able to give invaluable help to the State. The business of the country must be carried on—the people must be fed and clothed, work must be found for the workers. To be strong in the field we must be strong at home. Business men will have to work less for themselves and more for the State. I believe most of them will do their part in the right spirit. Many of them are making their sacrifices, and considering the interests of their employees dependent upon them, rather than their own profits, and especially are safeguarding the interests of those who are serving the country in the Army and the Navy. A manufacturer said to me the other day: "I have made a fortune in my works: I will now spend it, if necessary, to keep them going and my men in employment." That is a fine spirit. [Applause.] One of our greatest sources of strength, our power of endurance tested in past wars, depends upon our financial resources, our commerce, safeguarded and secured by our insular position and our supreme Navy. These are the sources of endurance which will tell in the long run. I am sure we can stand the strain a great deal longer than Germany. Many of those present—bankers, shipowners, manufacturers, merchants—can do much to maintain the commerce of the country by carrying on their businesses in a large, liberal, unselfish spirit, looking at the general interest and helping others for the common good. They have been greatly helped by the State during these past weeks, and must reciprocate by helping the State. It will not be quite "business as usual." We look for something more than that. There is a healthy and strong public opinion, which will utterly condemn and punish greed and attempts at monopoly or exaction; but I believe that goodwill and the sense of honour and a consciousness of the gravity of the issue will afford the higher and more effectual motive. While others are giving their lives we must not shrink from lesser sacrifices. Competition must give place to co-operation. [Applause.]

Our Navy is doing its work with its accustomed thoroughness, though the supreme moment for which it looks and longs has not come, and may possibly be long delayed. Our one